Business News | RBI Says 6 Applicants Found Not Suitable for Bank Permits
Get latest articles and stories on Business at LatestLY. The Reserve Bank of India (RBI) on Tuesday said it has found six applicants not suitable for permits of small finance bank licences and universal bank licences.
Mumbai (Maharashtra) [India], May 17 (ANI): The Reserve Bank of India (RBI) on Tuesday said it has found six applicants not suitable for permits of small finance bank licences and universal bank licences.
Those who have not been found suitable for licensing of universal banks include UAE Exchange and Financial Services Limited, The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank), Chaitanya India Fin Credit Private Limited and Shri Pankaj Vaish and others.
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The firms that have not been found suitable for licensing of small finance banks are VSoft Technologies Private Limited and Calicut City Service Co-operative Bank Limited.
The RBI has received 11 applications to set up bank under the Guidelines for 'on tap' Licensing of Universal Banks and Small Finance Banks.
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The examination of six applications has now been completed as per the procedure laid down under these guidelines, RBI said in a statement. All the six firms that have been examined are not found suitable.
"The remaining applications are under examination," the RBI said. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)